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Buffett’s Newspapers Lose Readers as Bet on Local Awaits Payoff

Even Warren Buffett can’t escape the sting of the declining newspaper business.

The billionaire’s papers saw a collective 5.6 percent drop in daily readers, according to the latest annual report of his investment firm, Berkshire Hathaway Inc. Readership fell at 26 of the 28 newspapers he’s owned for more than a year, according to a comparison of a chart in the March 1 document and the prior annual report.